5.	INVESTMENT SECURITIES

Details of investment securities available-for-sale and held-to-maturity as of March 31, 2015 and December 31, 2014 are as follows:

	Available-for-Sale
	March 31, 2015
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in Thousands)
Mortgage-backed securities:
Residential	$	136,318	$	1,667	$	(224	)	$	137,761
Commercial		48,525		266		(240	)		48,551
Obligations of states and political subdivisions		15,075		1,165	—				16,240
Obligations of U.S. government-sponsored agencies		6,338		24	—				6,362
Corporate notes		798	—			(2	)		796
U.S. Treasury securities		80	—		—				80
Total	$	207,134	$	3,122	$	(466	)	$	209,790

	Held-to-Maturity
	March 31, 2015
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in Thousands)
Obligations of U.S. government-sponsored agencies	$	22,672	$	40	$	(55	)	$	22,657
Mortgage-backed securities:
Commercial		16,820		48		(74	)		16,794
Obligations of states and political subdivisions		582	—		—				582
Total	$	40,074	$	88	$	(129	)	$	40,033

	Available-for-Sale
	December 31, 2014
			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(Dollars in Thousands)
Mortgage-backed securities:
Residential	$	139,980	$	1,896	$	(192	)	$	141,684
Commercial		35,873		164		(93	)		35,944
Obligations of states and political subdivisions		15,673		1,241		—			16,914
Obligations of U.S. government-sponsored agencies		6,360		5		(1	)		6,364
U.S. Treasury securities		4,153		—		(93	)		4,060
Total	$	202,039	$	3,306	$	(379	)	$	204,966

	Held-to-Maturity
	December 31, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
	(Dollars in Thousands)
Mortgage-backed securities:
Commercial	$	10,666	$	65	$	(2	)	$	10,729
Obligations of U.S. government-sponsored agencies		17,870		19		(52	)		17,837
Obligations of states and political subdivisions		584		4		—			588
Total	$	29,120	$	88	$	(54	)	$	29,154

The scheduled maturities of investment securities available-for-sale and held-to-maturity as of March 31, 2015 are presented in the following table:

	Available-for-Sale				Held-to-Maturity
	Amortized Cost		Estimated Fair Value		Amortized Cost		Estimated Fair Value
	(Dollars in Thousands)
Maturing within one year	$	422	$	422	$	—	$	—
Maturing after one to five years		8,975		9,381		971		958
Maturing after five to ten years		119,536		120,515		6,568		6,581
Maturing after ten years		78,201		79,472		32,535		32,494
Total	$	207,134	$	209,790	$	40,074	$	40,033

For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been allocated over maturity groupings based on the weighted-average contractual maturities of underlying collateral. The mortgage-backed securities generally mature earlier than their weighted-average contractual maturities because of principal prepayments.

Management evaluates securities for other-than-temporary impairment no less frequently than quarterly and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (i) the length of time and the extent to which fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer and (iii) whether the Company intends to sell securities, and whether it is more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases. As of March 31, 2015 and December 31, 2014, based on the aforementioned considerations, management did not record an other-than-temporary impairment on any security that was in an unrealized loss position.

The following table reflects gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of March 31, 2015 and December 31, 2014.

	Available-for-Sale
	March 31, 2015
	Less than 12 Months					12 Months or More
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in Thousands)
Mortgage-backed securities:
Residential	$	31,006	$	(99	)	$	7,203	$	(125	)
Commercial		28,923		(225	)		1,256		(15	)
Corporate notes		796		(2	)	—		—
Total	$	60,725	$	(326	)	$	8,459	$	(140	)

	Held-to-Maturity
	March 31, 2015
	Less than 12 Months					12 Months or More
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in Thousands)
Mortgage-backed securities:
Commercial	$	13,740	$	(74	)	$	—	$	—
Obligations of U.S. government-sponsored agencies		3,957		(13	)		1,673		(42	)
Total	$	17,697	$	(87	)	$	1,673	$	(42	)

	Available-for-Sale
	December 31, 2014
	Less than 12 Months					12 Months or More
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in Thousands)
Mortgage-backed securities:
Residential	$	24,459	$	(67	)	$	7,630	$	(125	)
Commercial		19,069		(70	)		1,304		(23	)
Obligations of U.S. government-sponsored agencies		1,999		(1	)		—		—
Obligations of states and political subdivisions		269		—			—		—
U.S. Treasury securities		80		—			3,980		(93	)
Total	$	45,876	$	(138	)	$	12,914	$	(241	)

	Held-to-Maturity
	December 31, 2014
	Less than 12 Months					12 Months or More
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
	(Dollars in Thousands)
Obligations of U.S. government-sponsored agencies	$	—	$	—		$	11,664	$	(52	)
Mortgage-backed securities:
Commercial		538		(2	)		—		—
Total	$	538	$	(2	)	$	11,664	$	(52	)

As of March 31, 2015, five debt securities had been in a loss position for more than twelve months, and 51 debt securities had been in a loss position for less than twelve months. The losses for all securities are considered to be a direct result of the effect that the current interest rate environment has on the value of debt securities and not related to the creditworthiness of the issuers. Further, the Company has the current intent and ability to retain its investments in each issuer for a period of time that management believes to be sufficient to allow for any anticipated recovery in fair value. Therefore, the Company has not recognized any other-than-temporary impairments.

Investment securities available-for-sale with a carrying value of $66.3 million and $61.1 million as of March 31, 2015 and December 31, 2014, respectively, were pledged to secure public deposits and for other purposes.

Gains realized on sales of securities available-for-sale were approximately $0.3 million and $0.1 million for the three months ended March 31, 2015 and the year ended December 31, 2014, respectively. There were no losses on sales of securities during the three months ended March 31, 2015 or the year ended December 31, 2014.